The internet may threaten Rupert Murdoch's $60bn empire, but he's not phased.

"To find something comparable, you have to go back 500 years to the printing press, the birth of mass media – which, incidentally, is what really destroyed the old world of kings and aristocracies. Technology is shifting power away from the editors, the publishers, the establishment, the media elite. Now it’s the people who are taking control," he told Wired.

More worryingly – given that he splashed out $580m to purchase it – he continued, "God knows what we're going to do with MySpace. We're just discovering what this thing can do."

Full interview here.